Quote:
Originally Posted by petegz28
The "good traders" will tell you that you only need to be right 33% of the time. I call bullshit unless you are seriously funded to be able to scale in and out of several positions.
Day trading or swing trading stocks is tough because you have several factors to consider:
Screen the stocks
How is the overall market in relation to the stock
How is the overall sector in relation to the overall market
How is the overall sector in relation to the stock
Analyst "Recommendations" that move a stock quickly one way or the other
That's why I don't do it anymore. Finding the stocks is a pain and time consuming. If I do dabble in it I try to do it with a buy-write call spread or something.
I'd rather focus on the overall market, e.g. SPY, QQQ, etc.
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I’ve made money in months where I’m 40% accurate, but not lower than that. Goal is to always have win/loss ratio be of 2:1 or greater. It’s all about managing risk.
I trade on Mark Minervini principles. I pay for a screener that I can manipulate to look for stocks that meet certain rules. I can scan through a list of 700 stocks in about 30 minutes looking for certain patterns.
Best book I’ve ever read.
Think & Trade Like a Champion: The Secrets, Rules & Blunt Truths of a Stock Market Wizard
https://www.amazon.com/dp/0996307931...J5N4CX5K0MQ44A